Buying a Multi-Generational Home Improves Affordability

In today’s era of soaring housing expenses, a growing number of prospective homebuyers are seeking innovative solutions to make homeownership a reality. One such solution gaining popularity is multi-generational living.

Multi-generational living entails two or more adult generations cohabiting under one roof, including siblings, parents, or even grandparents. This article delves into why an increasing number of buyers are gravitating towards this housing option today and explores whether it might suit your needs.

Advantages of Purchasing a Multi-Generational Home

A recent study conducted by the National Association of Realtors (NAR) highlights the top two reasons behind the surge in multi-generational home choices, primarily revolving around affordability (as depicted in the graph below):

Cost Savings

Approximately 28% of first-time buyers and 11% of repeat buyers opt for multi-generational homes to mitigate costs. By combining their financial resources, households can collectively shoulder the burden of mortgage payments, utilities, property taxes, and maintenance, thereby making homeownership more financially viable. This is particularly beneficial for first-time buyers who might be struggling to afford a home independently in today’s competitive market.

Increased Space

Another compelling motive driving 28% of first-time buyers and 18% of repeat buyers towards multi-generational living is the desire for a larger home that would otherwise be unaffordable on an individual basis. For some repeat buyers, this motivation may stem from the need to care for elderly parents while also accommodating young adults who have returned home. With everyone contributing and pooling their incomes, the prospect of owning a spacious dream home becomes attainable. The Triangle Business Journal succinctly states:

“Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”

Rely on the Expertise of a Real Estate Professional

If multi-generational living piques your interest, consider enlisting the guidance of a local real estate agent. Finding the perfect multi-generational home is more nuanced than shopping for a standard house, as it entails accommodating diverse opinions and needs.

Ensuring that everyone has their own space, arranging for shared communal areas, and potentially creating adaptable living spaces for elderly family members can be akin to solving a complex puzzle. Your real estate agent possesses the necessary expertise and local knowledge to assist you in finding a home that seamlessly accommodates all occupants without straining your budget. MoneyGeek.com articulates this well:

"Having a good multigenerational property can improve the prospects of success when living with loved ones. A multigenerational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit."

Bottom Line

Purchasing a multi-generational home represents a strategic approach to addressing contemporary affordability challenges in the housing market. By collaborating to share expenses, you can transform your dream of homeownership into a tangible reality. If this option resonates with you and your loved ones, we invite you to connect with Countryside Homes NJ and RE/MAX Select to explore homes that align perfectly with your needs.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!